Executives of the Oscar-nominated special effects company behind Life Of Pi have filed for bankruptcy.

The team from Rhythm & Hues who worked on the acclaimed movie have already won a slew of prizes for their work on the Ang Lee drama, including a British Academy of Film and Television Arts (BAFTA) Film Award, and they are nominated for two Oscars at the upcoming Academy Awards.

However, Rhythm & Hues bosses are facing a financial crisis and filed for bankruptcy protection on Wednesday (13Feb13), just days after they won their Bafta on Sunday (10Feb13).

It is believed the company fell on hard times after several film projects were delayed or cancelled, but bosses hope a deal can be reached to stop the firm from folding.

The Rhythm & Hues effects team is also behind two other Oscar-nominated pictures, Django Unchained and Snow White and the Huntsman, and they have previously worked on The Hunger Games, X-Men: First Class, The Golden Compass, and Happy Feet.

Films in production include The Hunger Games sequel and the second 300 movie.